Crypto entrepreneurs show bearish behavior across Bitcoin
Trade above $ 110,000 and possible goal on a new record high of $ 112,000.
Data from coinalyze It is shown that with the move of Bitcoin this week from $ 106,000 to $ 110,000, the long/short ratio fell from 1.223 in favor of Longs to 0.858 in favor of shorts.
Open interest It also rose from $ 32 billion to $ 35 billion during this time, indicating that significant capital was that -Bitcoin’s shorting of short.
Bitcoin has been in a relatively tight range since early May, trading between $ 100,000 and $ 110,000 with three trials per support and resistance level.
Technical indicators such as Kamag -child index of strength (RSI) Continue to paint a bearish image with multiple bearish difference drives -Irs, with a weakening to RSI per test of $ 110,000.
The recent flow of short positions can be lower timeframe entrepreneurs that combine the scope, rotating the resistance before turning their trade with each trial of $ 100,000.
This was true on June 22 when the long/short ratio shot up to 1.68 while Bitcoin temporarily collapsed by $ 100,000 before the bouncing.
There is a potential bull case with an increase in short positions: a short squeeze. This will happen if Bitcoin begins to scatter extermination points and stop the losses above a high record, which will cause a impulse to buy pressure and continuity until upside down.
